The widespread expectation since Steve Cohen became New York Mets owner in 2020 was that he would spend recklessly to sign every major free agent. The financial mogul is worth $17.5 billion, per Forbes, so why not?
As the latest chapter in the Carlos Correa saga plays out, it's apparent Cohen may not be the spendthrift most think.
A tumultuous offseason in Major League Baseball added another weird chapter Tuesday as Correa agreed to his third contract of the offseason, this time spurning the Mets to sign with the Minnesota Twins. The deal is reportedly worth $200 million over six years.
In mid-December, ESPN's Jeff Passan reported that Correa agreed to a 13-year, $350 million contract with San Francisco. The Giants, however, abruptly canceled his introductory news conference due to concerns about the status of his injured right ankle. Then the talks between the parties ended.
Less than 24 hours later, the Mets swooped in, agreeing with Correa on a 12-year, $315 million deal, per Passan.
On Christmas Eve, the day after Correa flew to New York to take his physical, The Athletic reported that the Mets, like the Giants, were concerned about the long-term durability of Correa’s ankle.
The Mets tried to renegotiate a shorter-term contract with Correa but failed.
Source: As part of Mets offer, Correa would have to take a annual physical which would guarantee the following year if passed. So 6/157.5 was conditional on him passing every annual physical. https://t.co/jNzFFI0qQz
— Michael Marino (@MarinoMLB) January 10, 2023
Cohen has made his money in the hedge fund industry — not by making ordinary investments, but by making smart, innovative investments.
After the Mets selected Vanderbilt ace Kumar Rocker in the 2021 MLB Draft, the team declined to sign Rocker due to concerns over the long-term health of his right shoulder. Cohen took to Twitter to justify that decision.
Education time - Baseball draft picks are worth up to 5x their slot value to clubs .I never shy away from investments that can make me that type of return.
— Steven Cohen (@StevenACohen2) August 1, 2021
Cohen’s statement was not universally praised, but he is a business man, and players are his investments.
Cohen’s strategy has clearly continued into 2023.
The Mets let Jacob deGrom, the best pitcher in baseball and one of the franchise's all-time great players, sign with the Texas Rangers this offseason without making a competitive offer.
Over the past three seasons, deGrom has made only 38 starts due to various injuries — an average of just over 12 starts per season.
After letting another star in Correa escape to Minnesota, continuing the trend of not investing into oft-injured players, it is obvious Cohen won’t spend like a drunken sailor.
He's into safe — and smart — investments. Time will tell if that's a worthwhile strategy.
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